Here is the step-by-step process to apply for a personal loan of 10 lakh rupees from the State Bank of India (SBI)
Step 1: Check Eligibility Criteria
Before applying for a loan, ensure that you meet the eligibility criteria
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- Age: You should be between 21 to 58 years.
- Income: You must have a stable monthly income. Minimum income varies based on the loan amount.
- Employment: Salaried individuals, self-employed professionals, or business owners can apply.
- CIBIL Score: A good credit score (generally 750 or above) increases the chances of loan approval.
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Step 2: Choose the Loan Type
SBI offers different types of personal loans such as:
- SBI Xpress Credit Loan: For salaried employees of government institutions or reputed corporates.
- SBI Pension Loan: For pensioners.
- SBI Xpress Power Loan: For salaried individuals from private institutions.
You can select the loan type based on your employment and income status.
Step 3: Gather Necessary Documents
To apply for the loan, you’ll need the following documents:
- Identity Proof: Aadhar card, PAN card, passport, etc.
- Address Proof: Utility bills, ration card, voter ID, etc.
- Income Proof: Salary slips (for salaried individuals) or income tax returns (for self-employed individuals).
- Bank Statements: Usually the last six months of bank statements.
- Passport-Sized Photographs
Step 4: Calculate Your EMI
Use the SBI Personal Loan EMI calculator available on the official SBI website or mobile app to estimate your monthly installment based on the loan amount, interest rate, and tenure.
Step 5: Submit the Application
You can apply for the loan in two ways:
- Online Application:
- Visit the official SBI website or download the SBI YONO mobile app.
- Navigate to the “Personal Loan” section.
- Fill in the required personal, employment, and financial details.
- Upload the necessary documents.
- Submit the application form.
- Offline Application:
- Visit the nearest SBI branch.
- Request a personal loan application form.
- Fill out the form with accurate information and attach the required documents.
- Submit it to the bank officer.
Step 6: Loan Processing and Approval
Once the application is submitted:
- The bank will verify your documents and creditworthiness.
- The processing time can range from a few hours to a few days, depending on the loan type and your profile.
- You may be required to undergo a personal interview or additional verification.
Step 7: Loan Disbursement
After the loan is approved:
- You will receive the loan agreement.
- Sign the agreement and submit it to the bank.
- The loan amount will be disbursed to your bank account, usually within a day or two.
Step 8: Repayment
- Repayment begins as per the agreed EMI schedule.
- Ensure timely payments to avoid penalties and a negative impact on your credit score.
Key Points:
- Interest Rate: The interest rate for SBI personal loans typically ranges from 9.60% to 15.65% per annum.
- Tenure: The loan tenure can range from 12 months to 60 months.
- Processing Fee: SBI charges a processing fee of 1.50% to 2% of the loan amount, plus applicable taxes.
By following these steps, you can successfully apply for a personal loan of 10 lakh rupees from SBI.
